Perrigo Sets Third-Quarter Revenue and Adjusted Earnings Records

Perrigo Company, a global healthcare supplier and generic drug maker, reported record revenue and adjusted earnings for the third quarter ended March 30, it announced today.

The Allegan-based company announced a record $920 in net sales, $208 million in adjusted operating income and adjusted earnings of $5.53 to $5.73 per diluted share.

By BRIAN VANOCHTEN

Holland Sentinel

By BRIAN VANOCHTEN

Posted May. 7, 2013 at 12:01 AM
Updated May 7, 2013 at 7:16 AM

By BRIAN VANOCHTEN

Posted May 7, 2013 at 12:01 AM
Updated May 7, 2013 at 7:16 AM

Allegan

Perrigo Company, a global healthcare supplier and generic drug maker, reported record revenue and adjusted earnings for the third quarter ended March 30, it announced today.

The Allegan-based company announced a record $920 in net sales, $208 million in adjusted operating income and adjusted earnings of $5.53 to $5.73 per diluted share.

Fiscal third-quarter sales were up 18 percent from last year.

Its adjusted operating income increased 21 percent during the third quarter, marking a 50 basis point expansion as a percent of sales, the company said in a news release.

Its reported earnings per diluted share were between $4.67 and $4.87.

“We are very pleased with out performance, as the team delivered all-time-record quarterly revenue and adjusted diluted earnings per share,” Perrigo Chairman and CEO Joseph C. Papa said. “It was a very busy quarter for the team.”

Indeed.

Perrigo acquired Rosemont Pharmaceuticals, a specialty and generic drug company focused on the manufacturing and marketing of oral liquid formulations.

It shipped $135 million in branded sales of Guaifenesin 600-milligram extended-release tablets, the first generically equivalent product to Mucinex.

It also launched the generic equivalents of Luxiq Foam and Nicorette mini lozenges and the authorized generic equivalent of Acetadote injection.

Additionally, it filed for an abbreviated new drug application for the generic equivalent of Androgel 1.62 percent.

After the quarter ended, it acquired Velcera, further expanding its pet healthcare segment.

“All of these great milestones were achieved while expanding margins in a record sales quarter,” Papa said.

Perrigo’s fiscal third-quarter operating income jumped 22 percent to $179 million while cash flow from operations was $151 million, the company said.